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A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.
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Retired Member
Most of the banks run on systems build in the 70s-80s. They keep patching them up, tweaking here and there, instead of doing the right thing: create a totally new architecture from scratch, test and dry run it, and then switch the "rails" overnight (some banks did just that, though not in the UK). The reason for such "coward" b...
04 September 2013
Pat Carroll Founder/Executive Chairman at ValidSoft
The UK's Financial Conduct Authority (FCA) has published an interim report exploring some early findings of a review into mobile banking services, setting out the possible risks to consumers and areas that firms should consider when developing their services. When it comes to financial services, consumers want convenience and security. Mobile can ...
03 September 2013 /security
I was invited to participate in the "Mobile wallets" panel at the Europe's Customer Festival. I don't exactly know what we will be discussing as the truth is: there are no mobile wallets... There are individual single-issuer apps; there are generic empty "containers"; there are "walled gardens"; but there are no true ...
02 September 2013 /payments
Mukesh Gupta Director at SAP India Pvt ltd
Can banks transform themselves to remain relevant both in the financial economy and for the network economy? Traditionally, the role of the banks have been to be collect money from people who have money, aggregate the same and loan out the money to people who needed it. The banks were needed as there was no way that people who had money could know ...
30 August 2013 /retail
Bo Harald Chairman/Founding member, board member at Transmeri, Demos, Real Time Economy Program,MyData
According to the Commissioner for Internal Market and Services, Michel Barnier: "Ensuring that public administrations in the EU are modern and efficient is a priority for the European Commission. Switching to e-procurement, and particularly to E-Invoicing, can bring significant savings and make life easier both for the governments and for the...
30 August 2013 /payments
Brett King CEO & Founder at Moven
Recent research has shown that banks spend more on IT than any other industry sector (See Deutsche Bank Research - IT in banks: What does it cost?). In fact, on average banks expend 7.3% of their budgets on technology, where other industries average half of that at 3.7%. Bankers would defend these costs because of high compliance and regulatory co...
14 August 2013 /regulation
Recently I have been embroiled in an interesting debate on Finextra.com regarding the death of cash, or as some may classify it, the premature assassination of cash. Connected with this the threat of BitCoins have recently been extolled throughout the media with the intensity only normally afforded more existential threats such as terrorism or lar...
08 August 2013 /payments /regulation
Just "me, me, me!": although there are some "contactless EMV" standards, each card scheme (Visa, MasterCard and Amex) requires separate testing and certification of contactless terminals. That is simply insane! Add transit-related issues with NFC to the equation (bearing in mind that transit is the key driver for mobile payme...
07 August 2013 /payments
Last post before the summer break. A mid-year revision of my predictions for 2013 made in December last year: 1. Bluetooth Low Energy (BLE) to be on the rise. Tick, tick, tick. Apple is using it (as part of AirDrop), as does Android (for Android Beam - same link) and Microsoft. Moreover, in a surprise twist, The Tile raised $2.8m on Kickstarter f...
30 July 2013
We all like making predictions (and like being right). That's fine when we are doing that for fun. When it comes to business, you'd better "know your shit" (and know when you don't). Getting married to own views and assumptions can cost you money or your (corporate) life. Just ask Kodak, or AltaVista (who refused to buy Google for $1m.....
29 July 2013
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